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Daniel P. Stipano quoted in Bloomberg BNA article, “Bank regulators have room to change transaction reporting rules”

Bloomberg BNA

Daniel P. Stipano

Daniel P. Stipano was quoted on July 9, 2018 in a Bloomberg BNA article, “Bank regulators have room to change transaction reporting rules,” which discussed the opportunity for federal banking regulators to shape transaction reporting rules due to the projected delayed process for The House Financial Services Committee’s legislation. The article stated, “The House Financial Services Committee advanced legislation (H.R. 6068) in June that would revise the 1970 Bank Secrecy Act by raising the dollar threshold for reporting suspicious account transfers and cash deposits, among other changes. The Senate Banking Committee is working on similar legislation. But the legislative process takes time and could get bogged down in midterm election politics and the fight over a nominee to fill the U.S. Supreme Court seat vacated by retiring Justice Anthony Kennedy. So banks, investment firms, and other financial institutions will look to banking regulators and the Financial Crimes Enforcement Network, the Treasury Department's financial intelligence unit, to move more quickly to bring changes to the reporting regime. Regulators could allow banks to prioritize which transactions are reported first, authorize the use of artificial intelligence and other new technologies to spot illegal activity, and have law enforcement share more information about their investigative priorities.”

Stipano added, “There is a lot the regulators can do without Congress taking action. They could do quite a bit. Most of the substance of the requirements in the BSA are through regulations, not statute.”